First-Time Homebuyers Program

Piedmont Federal strives to make home ownership as easy and affordable as possible for qualified, credit-approved first-time homebuyers.

The benefit of a lower down payment requirement as well as minimal fees at closing and are available to first-time homebuyers who have not previously owned a residence. Applicants must have a record of paying their bills on time. If little or no credit has been established, payments made on time for insurance, power, cable, telephone, etc., will be considered for credit purposes. A verification of rent is required for applicant(s) currently renting. No prior bankruptcies will be allowed. Each applicant will need to complete a short program on home ownership which will be arranged through Piedmont Federal. The program covers many important topics such as budgeting, maintaining good credit, home maintenance and other aspects of home ownership.

Plus first-time homebuyers qualify for a free PFPinnacle account, from which you can have your loan payments automatically deducted.

First-Time Homebuyer Features

  • Designed for first-time homebuyers seeking loans up to $350,000 at 85% loan-to-value and up to $250,000 at 95% loan-to-value.
  • No loan origination fee.
  • Appraisal fee refunded at loan closing.
  • Accepts loan requests up to 90% loan-to-value with no PMI (private mortgage insurance).
  • Borrower’s total monthly payments (home loan, auto loan, credit card payments, etc.) should not be more than 40% of the borrower’s gross monthly income.
  • Borrower must provide proof of employment and income (Income sources include full- and part-time salary, bonuses and commissions, social security, retirement, pension, alimony, child support).

Loan requirements:

  • Must be for a primary residence and used for single-family detached, condominium, townhouse or modular homes. (Manufactured housing, mobile homes and a-typical homes are not eligible.) Areas of Service »
  • A minimum of 10% must come directly from the buyer to avoid PMI and may come from a gift.


We have enhanced mortgage product offerings to provide you with a comprehensive range of solutions, ensuring a customized approach to meet your specific lending needs. More reasons »


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